ISSX Ascending Triangle
By Johns Wu on Sep 08, 2005
I found this next chart from The Knight Trader. It broke out today on 2x average volume, which is good. What’s not good is the price action. It gapped strong at the open but was dragged down throughout the whole day.
The price target is determined by measuring the width of the base of the triangle and adding it to the top horizontal line of the triangle. This gives us a technical price target of $27. However, my experience with this method of price calculation has shown me that its not totally reliable, so you might want to read more on ascending triangles to learn more.
There’s still a gap on the chart, which will most likely get filled in the next few days. If ISSX retraces and fills the gap on descending volume, it might be a low-risk buy point.
3 Responses to “ISSX Ascending Triangle”
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CME has a huge ascending triangle on the 10 day chart..absolute best case scenario is a W3 to 350(!)..currently 304…spotted an ascending triangle on GLW the other day, next day rocketed 5%…if you can find some more ascending triangles for me like ISSX, I’d love it.
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